ANZ, Westpac cut fees at rival ATMs
ANZ is ditching the fee it charges its customers for using a rival’s cash machine in New Zealand.
At present, they are charged a $1 fee if they use another bank’s ATM. Most other banks charge a similar fee.
‘‘In recent times we’ve been getting more and more feedback from our customers that they don’t think this type of fee is fair because even though they’re using another bank’s ATM they’re still accessing their money,’’ said Antonia Watson, ANZ’s New Zealand managing director of retail and business banking.
‘‘We’ve decided to respond to that feedback and will absorb the cost of those transactions levied to us by other banks.’’
The changes will come into effect from March 26 and will remove fees from almost 8 million transactions a year.
Westpac followed suit yesterday. The bank’s New Zealand general manager of consumer banking and wealth, Simon Power, said it continued to listen to feedback from its customers.
‘‘We want to give customers the freedom to use our competitors’ ATMs without worrying about what sort of fee they might be charged,’’ he said.
The banks’ Australian parent companies made a similar move last September. All four big banks cited the unpopularity of the fee with consumers, who were forking out A$500 million a year for withdrawing their own cash.
But at the time ANZ said the cost and revenue structure of ATMs in Australia was different to New Zealand.
‘‘ANZ has invested heavily to ensure its customers can … enjoy fee-free withdrawals. This results in a relatively small number of customers choosing to use other banks’ machines. Fees for customers using other banks’ ATMs are also lower in New Zealand than was charged in Australia.’’
TSB does not charge its customers to use other banks’ ATMs. Bank of New Zealand and ASB have been approached for comment.